卡拉威高尔夫 2025年度报告

TO OUR FELLOWSHAREHOLDERS 2025 was a defining year of transformation and focus for our company. We began the year as TopgolfCallaway Brands and concluded it by paving the way for our return to our heritage as Callaway GolfCompany. Through a series of strategic actions, we have not only simplified our business model buthave also significantly strengthened our balance sheet, transitioning to a net cash positive positionfor the first time in our recent history. Our primary objective throughout the year was to unlockshareholder value by refocusing on our core strengths, which we successfully executed through twopivotal transactions. In May, we completed the sale of the Jack Wolfskin business for approximately$290 million, allowing us to exit the outdoor apparel category and reallocate resources towardhigher-margin opportunities. In the fourth quarter, we announced the sale of a 60% stake in Topgolfto Leonard Green & Partners in a deal valued at approximately $1.1 billion that subsequently closedeffective January 1, 2026. This transaction provided us with approximately $800 million in cash,which we immediately utilized to repay $1 billion of our term loan debt. While we continue to holda 40% stake in Topgolf and believe in its long-term potential, this transaction removes us from anoperational role and eliminates our exposure to Topgolf’s leases and future debt payments, allowingus to focus entirely on our core golf equipment and apparel businesses. The backdrop for our transformation remains favorable as the game of golf continues to showremarkable health and vibrancy. According to the National Golf Foundation, 2025 marked the thirdconsecutive year of growth in U.S. rounds played, which were up 1.2% for the year. Total golf reach inthe U.S. now exceeds 136 million people, with on-course participation growing to 29.1 million—a 20%increase since 2019. Importantly, the game is becoming more diverse, with significant participationgrowth among women and young golfers. Within this environment, our core brands continued todemonstrate exceptional strength, supported by our ongoing commitment to innovation and R&D.Through continued investment in product development and performance technology, Callaway Golfmaintained its top-two market share position in both clubs and balls in the U.S., while our equipmentdelivered strong on-course validation with 61 driver wins and 92 putter wins across global tours. Despite facing nearly $35 million in incremental tariff headwinds during the year, our proactivecost-reduction initiatives, supply chain expertise and some select pricing allowed us to protect ourmargins and exceed our full year expectations for both revenue and Adjusted EBITDA. As we lookto 2026, we are operating from a reset base that is designed to be more profitable, less complexand more focused. Our vision is clear: to be the global leader in innovation, performance, andcraftsmanship across premium golf equipment and apparel. With our debt significantly reduced andour focus narrowed, we are now in a position to generate strong free cash flow and return significantcapital to you, our shareholders. We are energized by the excitement at our headquarters in Carlsbadand remain deeply committed to making the game better for every golfer. Thank you for your continued trust and support as we enter this exciting new chapter for CallawayGolf Company. Sincerely, BOARD OF DIRECTORS ERIK J ANDERSON BAVAN M. HOLLOWAY VARSHA R. RAO Vice Chairman of the Board of Directors;Former Executive Chairman, TopgolfInternational, Inc. Former Chief Executive Officer, Zeal AI andNurx Former Vice President of CorporateAudit, The Boeing Company LINDA B. SEGRE JOHN F. LUNDGREN OLIVER G. BREWER III Professional Board Member and Advisor;Former Professional Golfer and FormerExecutive, Diamond Foods, Inc. Chairman of the Board of Directors;Former Chairman and Chief ExecutiveOfficer, Stanley Black & Decker, Inc. President and Chief Executive Officer,Callaway Golf Company ANTHONY S. THORNLEYFormer President and Chief OperatingOfficer, QUALCOMM Incorporated ADEBAYO O. OGUNLESI RUSSELL L. FLEISCHERGeneral Partner, Battery Ventures Senior Managing Director, BlackRock,Inc. SENIOR MANAGEMENT OLIVER G. BREWER IIIPresident and Chief Executive Officer GLENN HICKEYExecutive Vice President andPresident, Callaway Golf Sales BRIAN P. LYNCH ANGELA J. DESKINSExecutive Vice President and Chief PeopleOfficer MARK LEPOSKYExecutive Vice President and ChiefSupply Chain Officer TIMOTHY R. REEDExecutive Vice President, Research andDevelopment and Tour MEETING ANDINFORMATION CORPORATE DATA 2026 VIRTUAL ANNUAL MEETINGOF SHAREHOLDERS Independent RegisteredPublic Accounting FirmDELOITTE & TOUCHE LLP695 Town Center Drive, Suite 1000Costa Mesa, CA 92626 Transfer Agent and Registrar COMPUTERSHARE Thursday, May 21, 2026 462 South 4th Street, Suite 1600,Louisville, KY, 40202800-368-7068TDD for Hearing Impaired: 800-231-5469Foreign Shareholders: 201